A legal action brought by former Rangers manager Walter Smith in which he sought £320,000 damages from his former financial advisor is “not proceeding”.
The 69-year-old instructed lawyers to go to Edinburgh’s Court of Session and sue a businessman called Gareth Alexander.
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Mr Smith, of Helensburgh, Dunbartonshire, decided to take Mr Alexander, of Harpenden, Herts, to court over cash which was invested on his behalf during his time managing Everton in the 1990s.
He was also suing another financial advisor Neil Caisley, of Hertfordfshire, in the action. However, Mr Caisley wasn’t contesting the action.
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According to legal papers lodged at the court, Mr Smith claimed that Mr Alexander and Mr Caisley agreed to refund him £600,000 in commission fees they received from selling him “financial products”.
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Mr Smith claimed the two men entered into an agreement with him over the refund in March 2012.
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